Skullcandy soars; Alpha Natural skids on downgrade

Coupon.com jumps 88% on market debut

SAN FRANCISCO (MarketWatch) — Upbeat earnings reports helped to propel Skullcandy Inc. up more than 30% on Friday while Alpha Natural Resources Inc. skids following a downgrade from Goldman Sachs.

Skullcandy
SKUL, +0.00%
soared 24% after the headphones maker topped analyst estimates for fourth-quarter earnings, which fell 69% last quarter. The firm earned 13 cents a share, while analysts had expected 9 cents a share. For the current fiscal year, Skullcandy expects a per-share profit of 10 cents to 14 cents. Analysts polled by Thomson Reuters had expected 10 cents.

Alpha Natural
ANR, +6.67%
slumped 12%. The stock was lowered to sell from neutral at Goldman, due partly to high leverage and low metallurgical coal prices.

Shareholders of Safeway
US:SWY
didn’t react positively to details of a merger with Albertsons late Thursday, sending shares down 2.2%. Investors had expected a deal worth $40 a share, but the supermarket chains said they will pay investors $32.50 a share in cash, with estimated add-on of $3.65 a share that hinges on the sale of non-core assets. Blackhawk Network Holdings Inc.
HAWK, +2.11%
shares will also be distributed next month.

Gainers

Bloomberg

Foot Locker topped earnings estimates Friday morning.

Palo Alto Networks Inc.
PANW, -1.70%
shares rallied 11%. The network security company said Friday that a mistrial was declared in a patent lawsuit brought by Juniper Networks Inc.
JNPR, +0.22%
because the jury was unable to reach a verdict. Shares of Juniper were down 0.7%.

Shares of Coupon.com Inc.
COUP, +1.47%
soared 88% on their first day of trading in the market. The operator of a digital promotion platform offered 10.5 million shares at $16 a share as part of its initial public offering.

Foot Locker Inc.
FL, -0.96%
rose 8.8% after the firm reported a fourth-quarter adjusted profit of 82 cents a share on revenue of $1.79 billion. Analysts polled by FactSet had expected 75 cents a share on sales of $1.77 billion.

VF Corp.
VFC, +0.24%
climbed 2.3%. The stock was earlier upgraded to overweight from hold at EVA Dimensions earlier this week, according to Analyst Ratings Network.

Decliners

Chinese yuan could impact trade growth

(3:14)

China's commerce minister is confident Beijing will hit its 7.5% growth target in 2014. While Cheung Kong Graduate School of Business professor Bingsheng Teng believes the country can meet that target, he tells Ramy Inocencio why the fluctuation of the yuan could derail growth.

Peabody Energy Corp.
BTU, -7.87%
fell 5.3% in response to a weak outlook on the coal industry from Goldman Sachs. The investment bank lowered its benchmark metallurgical coal price to $141 from $150 per metric ton in 2014 and $152 to $165 in 2015. “The lower met coal price reflects Australian supply growth and productivity improvements [and] an expected slowdown in Chinese met coal import growth,” said analyst Neil Mehta in a report.

Freeport-McMoRan Copper & Gold Inc.
FCX, -2.22%
shares are off 4.9%. The mining company cut salaries of Executive Chairman James Moffett and Vice Chairman James Flores by 50%, according to a regulatory filing submitted earlier this week. The decision was reached after comparing their salaries with top executives of the company’s peers, said Freeport-McMoRan in the filing.

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